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Filtering speed in a Continental European reorganization procedure

Nico Dewaelheyns and Cynthia Van Hulle

International Review of Law and Economics, 2009, vol. 29, issue 4, 375-387

Abstract: Recent studies of US Chapter 11 show it to be a relatively efficient procedure. We examine reorganization cases in a Continental European, creditor-oriented bankruptcy system, viz. Belgium, and report very different findings. Using hazard and cure regression models to determine what drives the length of time spent in reorganizations, we find evidence suggesting that courts have little impact on the screening and filtering process. In fact, many drivers of procedure length prove to have the opposite sign of what one would expect if the procedure would efficiently realise its goals. Instead, the procedure appears to be mainly creditor or owner-driven.

Keywords: Reorganization; Bankruptcy; Hazard; models; Filtering; speed (search for similar items in EconPapers)
Date: 2009
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International Review of Law and Economics is currently edited by C. Ott, A. W. Katz and H-B. Schäfer

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